BRIEF—bluebird bio to raise $550 million through public offering

US biotech firm bluebird bio closed down 7.67% at $163.65 on Tuesday, after it announced the pricing of an underwritten public offering of 3,384,616 shares of its common stock at a public offering price of $162.50 per share, before underwriting discounts.

In addition, bluebird bio has granted the underwriters a 30-day option to purchase up to an additional 507,692 shares of common stock. All of the shares in the offering are to be sold by bluebird bio.

The offering is expected to close on or about July 27, 2018, subject to customary closing conditions.

bluebird bio anticipates the total gross proceeds from the offering (before deducting underwriters’ discounts and commissions and estimated offering expenses) will be approximately $550 million, excluding any exercise of the underwriters’ option to purchase additional shares.